Hire Purchase
Whether it’s a new car, motorcycle or commercial vehicle, finance your next purchase with Yoma Bank Hire Purchase. With a flexible payment schedule, Hire Purchase makes purchases easy and secure for both buyers and sellers.
Features and Benefits
A Hire Purchase is perfect for…*
*Assets must be purchased from a Yoma Bank authorized dealer
- Cars, motorcycles, commercial vehicles
- Agricultural and construction equipment
- Medical devices and hospital equipment
- Factory machinery
*Assets must be purchased from a Yoma Bank authorized dealer
Fees
| Down payment |
Minimum 30%* depending on the product |
| Bank service charges |
1% of loan amount* |
*Minimum down payment and bank charges vary depending on the specific dealers and products
Interest and Fees
(a) Upfront interest to be collected upon the Hire Purchase loan amount
| Term |
Interest with Monthly Repayment |
Interest with Quarterly or Semi-Annual Repayment |
| 1 year |
6% |
7% |
| 2 years | 12% | 13% |
| 3 years | 18% | 18% |
(b) Equal Monthly Instalment (EMI), Equal Quarterly Instalment (EQI), Equal Semi-Annually Instalment (ESAI): Interest rate will be 10% (p.a) upon the Hire Purchase loan amount
| Asset |
Maximum Term |
| New Car |
5 years |
| Pre-owned Car | 3 years |
| New heavy machinery and equipment or agricultural machinery and equipment | 3 years |
| Pre-owned heavy machinery and equipment or agricultural machinery and equipment | 2 years |
Repayment Plans
- Non-agricultural vehicles, machinery and equipment to be repaid monthly
- Agricultural vehicles, machinery and equipment to be repaid monthly, quarterly or semi-annually
Insurance
All financed assets must be insured for the duration of the Hire Purchase term if they are roadgoing vehicles or have a value of over 10 million MMK.
All financed assets must be insured for the duration of the Hire Purchase term if they are roadgoing vehicles or have a value of over 10 million MMK.
Requirements
- Copy of NRC, with original for verification
- Copy of Household registration document, with original for verification
- Original ward recommendation letter (Proof of residence)
- Original police recommendation letter
- A personal guarantor might be required and he/she may need to bring the above documents
For more information, feel free to contact our Hire Purchase team by phone at +95 (0) 977 977 1000 or send an email to [email protected]
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